The report says those calling it a bubble are looking at the wrong statistics — by focusing on the ratio of house prices to incomes and the ratio of house prices to rents.

Instead, the report looks at the ratio of principal and interest costs to incomes and to rents, and finds that they are in the same range they have been in for the past 20 years.

"Mortgage costs, not just house prices, are the principal deciding factor for potential home buyers," according to Robin Wiebe, senior economist at the Conference Board's Centre for Municipal Studies and author of the report.

"Mortgage rates are expected to rise this year, but not dramatically, because the Canadian economy remains in slow-growth mode," he said.

The report also looked at the real estate markets in six major Canadian cities, and found there to be a good balance of buyers and sellers in each, indicating a healthy market.

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